Shop local is a popular topic here, but this week I’ve watched a new trend pop up: bank local.
Move Your Money is encouraging people to shift their money to locally owned banks. The site includes bank rankings by Institutional Risk Analytics. All of my local banks scored B+ or higher.
The project was dreamed up at a pre-Christmas dinner party of political activists. And the campaign is seemingly everywhere. It has spread by social networks, and while I was in Dallas this week, I saw it on the local news.
Your local banks are important your community. The people who work there volunteer in your community. You see them in the homecoming parade. (When was the last time you saw your international mega-bank in your small town parade?)
Jack Schultz has reminded us that “too big to fail” should come with additional capital reserve requirements. I listen to Jack on banking issues because he serves on his local bank’s board of directors. He also points out, in an Sept 30, 2008 issue of the AgUrban newsletter, that the big problem for local banks is the huge burden of regulation that is out-scale for small banks. Also read the Nov. 18, 2008 issue, and the reader reactions in the Oct. 7, 2008 issue.
So, what’s your take on the bank local initiative?
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- Holiday shopping campaigns besides “Shop Small” - November 17, 2014
- How small towns can do Shop Small Saturday - November 10, 2014
- Brag Basket provides the warmth of community - November 7, 2014
- Use social lists to connect local businesses - November 4, 2014
- Please use the Halloween Brag Basket - October 31, 2014
- Any small town could do spooky storytelling - October 28, 2014
- Good news casts a long shadow in the Brag Basket - October 24, 2014
- Customers are switching to small retailers - October 20, 2014
- Why big box stores are getting smaller and what that means to small towns - October 13, 2014